ank of America, in its annual financial report filed with the Securities and Exchange Commission this week, has revealed the total layoff from its merger with NationsBank last September. 1,800 jobs have been cut so far and BofA expects to eliminate another 10,000 positions over three to four years through attrition and employees taking new jobs within the bank, according to The San Francisco Chronicle
The Chicago Tribune
asks industry experts their opinions on the future of REITs. The recent decline has reinforced the belief of some that they are largely a vehicle for raising money from an unsuspecting public. Others believe that the long-term impact of the emergence of REITs will be to transform the commercial real estate business for the better.
hase Manhattan Corp. named William B. Harrison Jr. chief executive and president, a move that signaled the nation's third-largest bank is backing away from plans to acquire an investment bank. Harrison, 55, succeeds Walter V. Shipley, 63, who will continue as chairman, in today's LA Times
Also in the LA Times, a report
that Citigroup Inc. said it named J. Eric Daniels, a Citibank veteran of more than 20 years, chief executive and president of its Travelers Life and Annuity unit.
The Wall Street Journal
reports that Vanguard sent out erroneous tax information on seven foreign funds earlier this year to certain broker-dealers, so thousands of investors who purchased the firm's international mutual funds face the prospect of an amended tax return if they are among those who have already wrapped up 1998 income-tax filings.
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